Stifel Nicolaus Clients Take Aim At Andrew Elsoffer For Possibly Breaching Fiduciary Duty
Soreide Law Group is investigating potential investor claims of breach of fiduciary among other sales practice violations by securities broker Andrew Elsoffer (CRD#: 2580009, Pepper Pike, Ohio). Namely, at least 8 investors filed disputes about the broker, who worked for Stifel Nicolaus until October 2018 when disaffiliated with him for wrongful use of client funds. It seems that Elsoffer’s clients suffered from his negligence and breach of fiduciary duty. Here’s more information on the allegations against Elsoffer.
Stifel Nicolaus Client Indicates Andrew Elsoffer Breached Fiduciary Duty
A client of Stifel Nicolaus brought a FINRA Arbitration Action #: 20-00655 on February 25, 2020. Namely, the client suggested that Andrew Elsoffer failed to comply with his fiduciary responsibility to the client in stock transactions. It seems that Elsoffer was not compliant with an agreement governing the client’s investments. Elsoffer allegedly acted negligently and possibly deceptively with the client. For this reason, Stifel Nicolaus has been asked by the client to pay $250,000 for the client’s losses. This matter is ongoing.
Elsoffer Possibly Made Unauthorized Trades In Stifel Nicolaus Client’s Account
Evidently, a second Stifel Nicolaus client came forward with a dispute about Elsoffer on July 17, 2019. Namely, the client suggested that Andrew Elsoffer was negligent and made unauthorized trades of stocks which violated Ohio securities laws. Elsoffer allegedly failed to consider the client’s investment objectives or risk tolerance when making trades. Moreover, the securities broker may have breached a fiduciary duty. Plus, the client reported a breach of contract in connection with Elsoffer’s stock transactions. Because of this, the client demanded $100,000 in compensation to resolve this matter.
Stifel Nicolaus Client Indicates That Elsoffer Sold Unsuitable, Misrepresented Investments
Also, a FINRA Arbitration Action #: 16-00622 is suggestive of Elsoffer’s wrongful actions with a Stifel Nicolaus client. Supposedly, Andrew Elsoffer misrepresented facts surrounding his trading of OTC equities and stocks. It appears that the securities broker also made unsuitable and negligent transactions or recommendations of securities. Moreover, the client referenced Elsoffer’s purported elder abuse and exploitation. Apparently, in 2016, Stifel settled this matter through making a $165,000 payment to the client.
Did Stifel Nicolaus Securities Broker Andrew Elsoffer Sell You Bad Investments?
Have you experienced losses by investing with Andrew Elsoffer? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of financial advisors and securities brokers like Elsoffer.